Technical Analysis – USDTRY halts sell-off near 200-day SMA
January 4, 2021 5:29 pm
USDTRY has been at a near standstill over the past few sessions, but it seems that it has found a pivot point around the 200-day simple moving average (SMA).
With the stochastics exiting the oversold area, and the RSI having bounced slightly above its 30 oversold level too, bullish pressures may keep pushing towards the 7.500 barrier, where any break higher may see the test of the 7.679 resistance. Climbing higher, buyers may target the area between the 50-day SMA at 7.840 and the 7.928 level.
In the event the 200-day SMA caves in and the7.176 support region proves to be fragile, the sell-off may accelerate towards the 7.000 number.
Summarizing, USDTRY is testing the case of an upside reversal near the 200-day SMA, with the confirmation expected to come in above 7.500.
USDTRY has been at a near standstill over the past few sessions, but it seems that it has found a pivot point around the 200-day simple moving average (SMA).
With the stochastics exiting the oversold area, and the RSI having bounced slightly above its 30 oversold level too, bullish pressures may keep pushing towards the 7.500 barrier, where any break higher may see the test of the 7.679 resistance. Climbing higher, buyers may target the area between the 50-day SMA at 7.840 and the 7.928 level.
In the event the 200-day SMA caves in and the 7.176 support region proves to be fragile, the sell-off may accelerate towards the 7.000 number.
Summarizing, USDTRY is testing the case of an upside reversal near the 200-day SMA, with the confirmation expected to come in above 7.500.
The post Technical Analysis – USDTRY halts sell-off near 200-day SMA first appeared on XM.
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